Smurfit Stone Container tells lenders it is likely filing for bankruptcy. Notes down 9 points to the single digits. Bloomberg notes that SSCC CDS in bps equivalent is roughly 19,000 over Libor... That'a a lot. They also juxtapose it to TIN, IP, and WY, all of which are sub 1000 bps, which could be read inversely as saying those three CDS are damn cheap

Smurfit Stone Container tells lenders it is likely filing for bankruptcy. Notes down 9 points to the single digits. Bloomberg notes that SSCC CDS in bps equivalent is roughly 19,000 over Libor... That'a a lot. They also juxtapose it to TIN, IP, and WY, all of which are sub 1000 bps, which could be read inversely as saying those three CDS are damn cheap